I think we have everything in the contract . Shall we sign it ?   Wait a minute . I think we have missed an important point . We should include an arbitration clause in the contract .   I believe we can solve disputes through an amicable negotiation .   I hope so . too . But I still think the provision of arbitration is of great importance to both of us .   All right . I agree with you . But where do we hold arbitration ?   I suggest the arbitration be held in a third country .   It sounds reasonable . The clause should be like this - any disputes arising from the execution of this contract shall be settled in a friendly way . If no settlement can be reached through consul - nation and conciliation , the disputes shall be submitted for arbitration by a mutually nominated arbitrator . The arbitrator's decision on the dispute is final and binding on the both parties .   Ok . 